Feb 04, 2021 08:00 AM EST
Starting a business whilst the COVID-19 pandemic is still quite relentless and many businesses are actually announcing Chapter 11 bankruptcies may be counterintuitive, but it is not entirely a bad idea.
There are actually startups that can earn even in the middle of a bad economy, as long as you know the market well and you plan it well. Now is not the time to be too careless and risk-seeking, after all.
If you are thinking of what business to start, so you no longer run the risk of having zero income when the company you are working for decides to remove people left and right, check out these 4 businesses worth starting.
Anything online is likely to work when people's mobility are restricted, but this does not mean shifting to online can immediately guarantee success. Selling clothes online is likely to give you tens and thoousands of competitors from small businesses to large fashion names, so we do not recommend it.
Selling food and bake stuff is actually the same. With people having months of opportunity to learn how to bake or cook, they are not likely to order food from others anymore. So we do not recommend it as well.
Instead of selling goods, how about selling some skill you have? Or how about converting your hobbies into money-making endeavors?
If you know how to paint, it is convenient now to host online zoom classes where you can teach others your valuable skills.
In case you are a fitness buff - a yogi that entirely misses the practice, you can even host onlne yoga classes and other fitness activties for a price. With so many people stuck at home unable to go to the gym, you are likely to secure some customers.
Your competition is likely to be those influencers in YouTube that offers free fitness classes, but you can design your classes to be more targeted. How about designing your classes for the seniors who simply cannot go out because they are at greater risk than everyone else to suffer from the COVID-19 infection? Of course, do your due diligence and learn the skills of teaching to the elderly first!
As a a result of limited mobility as well, people are now more amenable to have everything delivered - from clothes to food, from documents to just about everything. How about setting up a delivery service that offers better rates and more secure services? There are many delivery services out there, but you can differentiate yours by making, affordability, safety and cleanliness your selling point.
This is quite a no-brainer. If there is something that the COVID-19 has did, it is to make people aware of how important it is to be hygienic and how important it is to maintain some form of protection against the viruses and bacteria found everyday outside our homes. Even if the vaccine is here, this does not guarantee masks would ever go out of style for a while. Now is the time to create sustainable masks and sell them.
You can even sell alcohol holders, soaps and the like. While this may have sounded laughable at one point, they are lucrative businesses now. Plus, who does not need soap?
Rustam Gilfanov is a famous IT businessman, a founder of a large IT company, and a partner of the LongeVC Fund.
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